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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
*FSA Expenses--As a general rule, you can deduct medical expenses relating to your care and well-being to the extent the annual expenses exceed 7.5% of your adjusted gross income. The same expenses generally may be reimbursed through a flexible spending arrangement (FSA). However, in a new ruling, the IRS said that an FSA could not reimburse the cost of a breast pump. Reason: While breast pumps are helpful, they do not treat or mitigate a medical condition.
*Supply and Demand--Don't be shortsighted in your treatment of small company suppliers and vendors. For example, using (or not using) a discount may cost you a little now, but save you lots later on. In the worst-case scenario, a key supplier might be driven out of business, forcing you to deal with a larger company with inflexible prices. That's not to say you should not negotiate a fair price with your current suppliers and vendors, but keep the big picture in view.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
